Andrew Jackson’s handpicked successor, Martin Van Buren, sought his second term in 1840. Van Buren’s term as President was marred by the financial 'Panic of 37', and corresponding banking issues inherited from Andrew Jackson’s dismantling of the Second Bank of the United States. Van Buren’s solution to the banking controversy was what he termed an Independent Sub-Treasury, a bank of deposit for Federal funds which would be independent of commercial bank speculative investments. He touted his banking solution on the medal.

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